Verizon gains on upbeat Q2 results and annual profit outlook

U.S. telecom company Verizon Communications' VZ.N shares rise 4.1% to $42.50 premarket

Verizon reports Q2 revenue of $34.5 billion, beating analysts' average estimate of $33.74 billion, according to data compiled by LSEG

VZ's quarterly adj EPS of $1.22 also beat estimates

CO raises the lower end of its annual profit forecast

Co posts a surprise drop of 9,000 monthly bill-paying wireless subscribers in the April-June period, reeling from user churn after price hikes in January

But analysts polled by FactSet were expecting an increase of 13,000 subscribers

As of last close, stock up ~2% this year